Llorente & Cuenca will have a majority stake of 60 percent in the resulting business, with general manager and founder of CR Comunicaciones, Claudio Ramírez, retaining the remaining 40 percent.

Chile represents the ninth Latin American market for the Madrid-based ageny, which is currently operating with offices in Argentina, Brazil, Colombia, Ecuador, México, Panamá, Peru and the Dominican Republic. The firm recorded fee income of US$28.4 million in 2013 and has ambitions to double in size over the next five years.

According to L&C founder partner and president José Antonio Llorente, “Chile is a key to the growth of the firm in Latin American.” He says that in the past “entry into new markets has been articulated through the organic growth and the creation of new companies. However, in some occasions the firm identifies an ideal partner to initiate a project of growth in the country, as it is the case of Claudio Ramírez.”